Israeli start-ups have a new incentive to hit the gas in a race to develop the next big vehicle-automation technology.
Intel’s $US15 billion ($20bn) acquisition of Jerusalem-based Mobileye — the biggest technology deal in the so-called Startup Nation — has raised hopes that Israel can produce companies that may attract massive investments from multinationals.
“It shows we can build big companies that sell with 11-figure numbers,” said Ben Volkow, the founder of Otomono, a data company that helps car firms gather information from connected vehicles.
From cyber security to artificial intelligence, Israeli entrepreneurs have turned this Mediterranean country into a global innovation hub. Now they are disrupting almost every element of the car manufacturing chain, using local expertise to create cutting-edge technologies in everything from engines to quick-charge batteries.
The country has come to occupy a prominent position in the global automotive supply chain despite not having much of an auto industry at home.
Mobileye — known globally for its chip-based camera systems that power automated driving features — has said its operations and about 600 workers will remain in Israel.
Read the full article by Rory Jones at The Australian.